Toll Brothers breaks ground on 501-unit DC apartment complex
Developer has 3,000 units completed or under development in Washington
The Toll Brothers rental subsidiary along with partner CrossHarbor Capital Partners have broken ground on a 13-story, 501-unit multifamily apartment complex and mixed-use development in Washington, D.C., according to a release.
The Toll Brothers Apartment Living’s development, called the Vermeer, is being financed by a Bank OZK construction loan and is expected to be completed sometime next year.
The development at 113 Potomac Avenue SW — in the Buzzard Point neighborhood — will have 12 stories of apartments, with the ground floor having retail (37,000 square feet of space) on the 1.5-acre site, according to the release. Amenities will include a 267-space parking garage with EV charging stations, a rooftop courtyard, a rooftop pool, fitness center with hydration bar, lounge area, an outdoor lounge and firepit, a pet spa, coworking spaces, conference rooms, bike and tenant storage.
Studio, one-bedroom, two-bedroom and three-bedroom apartments will range from about 460 to 1,550 square feet.
The Vermeer will be next to Audi Field, which is home to Washington, D.C.’s professional men’s and women’s soccer teams, and will be accessible to the city’s Metro.
It’s the fourth development in D.C. for Toll Brothers Apartment Living, which has more than 3,000 rental units either completed or under construction, including Union Place, Banner Lane and Parc Riverside, a nearly 600-unit community also in the Capitol Riverfront Business Improvement District, according to Michael Skena, the company’s mid-Atlantic regional director of acquisitions and development.
The Vermeer is the fifth Opportunity Zone project developed by Toll Brothers Apartment Living in the U.S., including Piper, which is a six-story, 393-unit multifamily complex in South Norwalk.
That project, which will have 356 market-rate and 37 affordable units, with a parking garage with nearly 600 spaces, is being financed with a $136 million construction loan from Wells Fargo and TD Bank.
Piper is the second large project in southeastern Connecticut. The first, Julius, is a 356-unit luxury complex at 777 Summer Street in downtown Stamford. The development has 334 market-rate apartments, plus 22 set aside as affordable.
— Ted Glanzer